M R Maniveni Foods IPO Sees 1.69 Times Subscription, Allotment and Listing Details Inside.

M R Maniveni Foods' Maiden Public Issue Draws Strong Response from Investors

M R Maniveni Foods' initial public offering (IPO) closed with a subscription of 1.69 times on May 26, the final day of bidding, receiving a strong response from a variety of investor categories.

During the three-day bidding period from May 22 to May 26, investors placed bids for 62.86 lakh shares, exceeding the offer size of 37.3 lakh shares via 985 applications. The breakdown of subscriptions shows that retail investors played a significant role in supporting the IPO, bidding 2.09 times their allotted quota. Non-institutional investors also subscribed to their reserved portion 1.66 times, while the portion set aside for qualified institutional buyers was booked 100 percent.

The IPO share allotment is expected to be finalised by May 27, with M R Maniveni Foods shares set to become available for trading on the BSE SME platform effective June 1.

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As part of its capital-raising exercise, M R Maniveni Foods sought to raise Rs 27.04 crore via an IPO of 52 lakh shares, with a price band of Rs 51-52 per share. Of the proceeds, Rs 12.7 crore will be utilised for the construction of a factory, while Rs 13.61 crore will be used for the purchase of plant and machinery. The remaining funds will be used for general corporate purposes.

The company, which specialises in the milling, processing, and supply of urad dal and toor dal, currently operates an automated pulses milling plant at Madhavaram, Chennai. The plant comprises two milling units, one dedicated to urad dhal and the other to toor dhal.

Key Details of the IPO

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Capitalsquare Advisors is the book running lead manager for the M R Maniveni Foods IPO.